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Thursday, July 06, 2006

Iran will start the initial phase of its planned Iranian oil bourse at the end of September. An oil ministry official told that his ministry had already presented the relevant documents to the economic and finance ministry and the bourse organisation. READ MORE

The building that will house the oil bourse has reportedly already been purchased in the southern Iranian island of Kish in Persian Gulf.

Petrochemical and oil-related products will be made available to customers in the first phase but the volume of the shares to be traded is not yet clear, the official told.

Economics and Finance Minister Davoud Danesh-Jafari said last April that the issue had already been agreed upon and that the oil ministry had given the go-ahead for the opening of the bourse.

The exchange will have a positive impact on oil sales, not only in Iran but in the wider Persian Gulf region and is slated to replace the current dollar-based oil exchange with one based on the euro, he said.

The International Petroleum Exchange in London and the New York Mercantile Exchange, on which oil is currently traded, both use the dollar.

Iran argues that as long as 60% of global oil and 25% of natural gas needs are met by Persian Gulf states, oil dealing in either New York or London made no sense.

Iran also wants to circumvent dollar-based oil exchanges to avoid being impacted by the United States economy.

The plan to open the exchange in Kish was raised by the administration of President Mahmoud Ahmadinejad last year.

It was due to be opened before the beginning of the Persian New Year on March 21 but has been postponed several times.